BTC continuation scenario
BTC/USDT Analysis
1D/4HCharts
BTC looks to have broken out off all major downtrend resistance and looks good for a continuation here. Its respected the major trend line, pulled back into the golden fib level from the measured move of the first leg up from the May bottom, rejecting nicely with a long wick showing buyer interest whilst creating Elliot wave contracting triangle that broke out to the upside breaking the resistance with supporting volume.
Weekly chart also looks great, nice big marubozu candles showing little sell side pressure.
Going forward I think we will see BTC try make a new high and make its way into the daily supply order block situated around the 1.618 projected fib level taken from the measured move of the ABC correction leg.
1D/4HCharts
BTC looks to have broken out off all major downtrend resistance and looks good for a continuation here. Its respected the major trend line, pulled back into the golden fib level from the measured move of the first leg up from the May bottom, rejecting nicely with a long wick showing buyer interest whilst creating Elliot wave contracting triangle that broke out to the upside breaking the resistance with supporting volume.
Weekly chart also looks great, nice big marubozu candles showing little sell side pressure.
Going forward I think we will see BTC try make a new high and make its way into the daily supply order block situated around the 1.618 projected fib level taken from the measured move of the ABC correction leg.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.